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Cryptocurrency rate today: Major cryptocurrencies traded mixed on Tuesday after the US Federal Reserve switched to a hawkish stance amid renewed inflation fears, spooking traders. The largest cryptocurrency with a 39.8 percent dominance, Bitcoin (BTC), traded with gains above the $21,000 mark. The second largest cryptocurrency, Ethereum (ETH), traded with gains.
Most cryptocurrencies have fallen by as much as 20 percent in the past week, after the release of the minutes of the US Federal Open Market Committee meeting, which indicated that the bank will maintain its current inflation prescription of 75 basis points, and raise interest rates.
Solana topped among the losers followed by Shiba Inu with a 2 percent drop, while Cardani and Ethereum posted similar gains each. The global cryptocurrency market cap has been trading marginally higher at the $1.02 trillion mark, almost unchanged in the past 24 hours. However, total trading volume rose more than 18 percent, to close to $70.62 billion.
“Bitcoin, Ethereum and most cryptocurrencies are down slightly as investors worry about monetary policies and uncertainties. Cryptocurrencies are down more than 10% since last week after the July Federal Open Market Committee meeting was released. If BTC can close above $21,500 today by volume Selling lower, we can expect it to hit $22,400 soon.While on the other hand, the hype around Ethereum and the merger is slowly fading away, causing the price to drop.”Edol Patel, CEO and co-founder of global crypto investment platform Mudrex, said the downward trend is It may be temporary as the consolidation is still a month away, and ETH may gain momentum before then.
An indicator known as MACD is also flashing with a warning sign. The MACD indicator has turned negative, which for some technical analysts is a sign that Bitcoin is still under pressure. The pullback in the past few days has also pushed the Bitcoin and MVIS CryptoCompare Digital Assets 100 index below its 50-day moving averages, Bloomberg reports.
Cryptocurrencies struggled during the first half of the year as the Federal Reserve raised interest rates to combat stubbornly high inflation. After the collapse of a major coin pair, some cryptocurrency lenders have frozen customer withdrawals, and many crypto companies have cut their jobs.
Here are the top 10 cryptocurrencies and their prices on August 23, Tuesday (data from coinmarketcap.com at the time of this article)
Bitcoin $21365.40 or 0.46 percent loss in the past 24 hours
Ethereum $1,605.23 or 2.03 percent loss in the last 24 hours
Assess a loss of $1.00 or 0.00 percent in the last 24 hours
USD Coin gained $1.00 or 0.03 percent in the last 24 hours
BNB $296.94 or 0.43 percent loss in the last 24 hours
Binance gains $1.00 or 0.05 percent in the past 24 hours
XRP $0.3339 or a loss of 2.71% in the last 24 hours
Cardano $0.3391 or 1.01 percent gain in the last 24 hours
Solana $35.18 or 0.14 percent gain in the last 24 hours
Dogecoin $0.06823 or 1.78 percent over the past 24 hours
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